Ascertainment of accurate cost is one of the main objectives of cost accounting. For a manufacturing company material consumption and material cost are vital aspects. Ascertainment of accurate cost depends on correct valuation of material used in the product. The material cost consists of invoice price plus freight, carriage, cartage, insurance, taxes, stores costs, etc. Materials are issued to different [...]
Ascertainment of accurate cost is one of the main objectives of cost accounting. For a manufacturing company material consumption and material cost are vital aspects. Ascertainment of accurate cost depends on correct valuation of material used in the product. The material cost consists of invoice price plus freight, carriage, cartage, insurance, taxes, stores costs, etc. Materials are issued to different [...]
In this article we will discuss about:- 1. Introduction to Material Control 2. Need or/Objectives of Material Control 3. Essentials 4. Advantages 5. Materials Management and Organisation. Introduction to Material Control: A major objective of Cost accounting is Cost Control. Every element of cost has to be effectively controlled. Out of the three elements of cost i.e., Material, Labour and [...]